Following a year that saw over 300% growth in a customer base that includes the world’s largest enterprises and MSPs, multi-cloud spend management platform company Ternary announced today that it has closed a $12 million Series A funding round to expand its FinOps-native platform, which enables finance, engineering, and cloud operations at scale. This funding round was led by Jump Capital, with continued support from existing investors Fin Capital, RiverPark Ventures, Great Oaks Venture Capital, and Gaingels. Ternary welcomes Jump Capital’s Saaya Nath and Fin Capital’s Logan Allin to its board of directors.
With Ternary, seasoned FinOps practitioners and finance teams can collaborate with engineers, creating advanced models that guide the efficient placement of resources across products, clouds, and business units. Ternary was built for scale and security.
The company already offers a self-hosted version of its platform for highly regulated organizations. And Ternary will utilize the Series A funding round to enhance product development, seamlessly incorporating customers’ existing processes and in-house tools. And the company will accelerate the delivery of industry-leading features that enrich customer data with the most relevant business data from any source at an infinite scale. Through an API-first approach, Ternary will add two-way synchronizations with GL systems, connecting to forecasting and ticketing systems like ServiceNow and Jira. So Ternary will be able to empower customers to track cloud spending optimizations to completion this way.
Ternary plans to deepen the sophisticated commitment modeling for its multi-cloud ramp plans, including data-center spend, AI spend, and ISV costs. And enterprises and MSPs can fully represent the cost of migrations to the cloud alongside the rest of their dynamic cloud spend, using advanced, AI-backed financial models. Ternary will simplify complex problems throughout the cloud migration lifecycle, providing real-time modeling resources and rate optimizations, placing workloads where they can be most efficient, and recommending managed services and serverless technologies from lift-and-shift migration.
KEY QUOTES:
“Spending in AWS, Azure, and GCP continues to be a large and growing expense category for a majority of enterprises. Finance, engineering, and FinOps teams operating at scale lack single-pane, multicloud instrumentation to view, attribute, budget, and understand the cost efficiency of their spend. Innovation in the FinOps space has slowed, and legacy incumbents have failed to deliver the new capabilities required by modern finance and engineering teams, leaving leaders flying blind in the cloud.”
“Enterprises and MSPs invest strategically in cloud infrastructure to make money. Ternary provides the sophisticated functionality they need to understand if that spend is efficient, using groundbreaking AI/ML features that unlock unlimited scale. We release features each week that allow finance, engineering, and FinOps teams to collaborate and make their spend as efficient as possible.”
— Ternary CEO Sasha Kipervarg
“There’s no doubt that in today’s increasingly complex and accelerated digital environments, improved cloud financial intelligence is imperative. The needs of the market have outpaced the features legacy solutions have been able to deliver — and we believe Ternary is strongly positioned to meet this demand. Driven by a deep appreciation for their customers’ challenges and a keen eye toward innovation, the Ternary team has solved the ‘breadth vs. depth’ challenge. Ternary has built a product that elevates incredibly granular, stakeholder-specific insights on cloud financials across any number of relevant sources — effectively serving even the largest of spenders — and done so in a secure, limitlessly scalable way. We’re thrilled to partner with Ternary as they become the breakout FinOps platform for the enterprise space.”
— Saaya Nath, partner at Jump Capital
